R. Red formed a corporation with an authorization of 20,000 shares of $50 par, 6% non-cumulative preferred stock and 100,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations. Jan10Issued 20,000 shares of common stock at par for cash. 31Issued 20,000 shares of common stock in exchange for land, buildings, and Equipment with fair market prices of $52,000, $125,000, and $48,000, respectively. Feb24Issued 2,000 shares of preferred stock at $54 for cash.
R. Red formed a corporation with an authorization of 20,000 shares of $50 par, 6% non-cumulative
Jan10Issued 20,000 shares of common stock at par for cash.
31Issued 20,000 shares of common stock in exchange for land, buildings, and
Equipment with fair market prices of $52,000, $125,000, and $48,000, respectively.
Feb24Issued 2,000 shares of preferred stock at $54 for cash.
The charter gives Mack the authority to issue 20,000 shares of $25 par value preferred stock and 100,000 shares of $10 par value common stock.
June1Issued 4,000 shares of preferred stock at $28 per share.
4Issued 5,000 shares of common stock at $16 per share.
13Issued 6,000 shares of common stock at $18 per share.
21Issued 1,000 shares of preferred stock at $30 per share.
July 22Issued 10,000 shares of $5 par common stock for $43,000 cash.
28Issued 6,000 shares of $5 par common stock for $33,000 cash.
31Issued 4,000 shares of $12 par, 7% preferred stock for $53,000 cash.
Journalize the above transactions(Omit explanations)
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